South Korea-based Taeyang Metal Industrial Co. Ltd., which makes fasteners and cold-rolled steel products for the automotive industry, will invest nearly $15.6 million and create 76 full-time jobs to establish a manufacturing plant in Franklin, Kentucky. The facility will be the company’s first in the United States.
Taeyang will build a 101,000-square-foot facility on a 30-acre site near I-65 in Simpson County. Construction is expected to begin in December and the facility is scheduled to open by September 2018. The Franklin location will allow the company to better serve its customers in the United States and expand its global market with production of cold-headed products and metal fasteners for the automotive industry.
“Taeyang Metals is very excited about locating our new plant in Franklin, Kentucky,” said Howard Hahn, Taeyang President & CEO. “We look forward to a successful partnership with the State of Kentucky and the City of Franklin, and continuing growth in this community. We will contribute to the regional economic development, which we hope will benefit the entire region.”
“Taeyang is a well-respected, global company in the automotive industry and we are grateful that its executives have selected Kentucky for their initial U.S. operation,” Governor Bevin said. “We are confident Taeyang will find success in Simpson County, thanks to the pro-business environment that exists across Kentucky. We thank the company for investing and creating jobs in the commonwealth and look forward to building a strong partnership in the years ahead.”
Founded in South Korea in 1974, Taeyang has become a leading supplier of fasteners and cold-forged products, including high-strength bolts, specialty fasteners and screws for automotive and other industrial markets. Since 2004, the company has expanded to operations to China and India. Taeyang’s customers include Fiat Chrysler Automobiles, General Motors, Hyundai/Kia, Cummins Diesel Engine, DMAX, Allison Transmission and Metaldyne.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in September 2016 preliminarily approved the company for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets. In addition, Taeyang can receive resources from the Kentucky Skills Network.
“Taeyang Metals marks the first Korean company to locate a manufacturing facility in Franklin,” Judge-Executive Henderson said. “Simpson County has numerous corporations from both Asia and Europe that have located in our area and we believe that more such companies will locate here in the future. The jobs that Taeyang Metals will be providing will continue to enhance our local and state economy.”Fasteners, News